Industrialist Binod Chaudhary has become the first Nepali to be listed in Forbes´ global list of billionaires, with a net worth said to be at US$1 billion.

“Binod Chaudhary is Nepal’s first billionaire but built most of his fortune overseas,” said Forbes. Forbes has listed him as 1,342nd richest person in the world. Chaudhary, 57, has been featured as 20th among 21 Forbes’ ‘2013 Billionaires: Notable Newcomers’.

“It is an honour; I am happy to have our four decades of hard work recognised,” said Chaudhary. “It has introduced the Nepali corporate sector to the world and will help encourage young entrepreneurs to explore new horizons.”